1.1 Inexpensive Dynamic Mics:
Every studio has a few inexpensive dynamic mics laying around... these are generally used as a "work horse" rather than a mic you'd use to lay a subtle violin track. The mics I have listed below all retail for under $150. Although these cheaper dynamics are better suited for live stage use, they can be used in the home studio with fairly good results. They aren't quite as responsive, tend to be noisier, and aren't very transparent sounding.
Shure SM-57: Low impedance dynamic mic. Usually used on guitar amps and instruments. These can take a wide dynamic range and sound fairly good. Also frequently used on snares.
ShureSM-58: A similar mic to the SM-57, except it has a globe- shaped windscreen, and is marketed more as a vocal mic tha an instrument mic due to a slightly different frequency response. The 58 is slightly more "muffled" sounding due to the addition of an internal foam windcreen.
V-Tech VT-1030: Very similar sounding to an SM-58 (it's less expensive, but aimed for the same market), although the output isn't as high, and the highs aren't quite as useable (it's a bit harsh)
EV 868: This is a great kick mic, and they are about $200
1.2 Mid-priced Condensers:
Here's a list of a few microphones in the mid-priced range ($400-$750). These will tend to sound harsh or bright compared to better mics like a Neumann U47 or similar, but are a large improvement over the SM-57 and SM-58 styles of dynamic mics. All of these mics are condensers, and require phantom power to operate. Large diaphragm condensers are not useful for all purposes. They have some strange off-axis responses and a different sound to them. I suggest you experiment with one before you buy it. Try it on a variety of sound sources. There are some generalizations that can help in your mic selections. Larger diaphragm mics are not usually very transparent, they add their own color to the signal. The larger diaphragm often responds better to bass, as well as quieter sources. A small diaphragm will generally be more transparent, and have a lower output. One side effect of the lower output means that noise will be more audible.
Audio Technica AT4033 : Medium diaphragm condenser mic. Has a single capsule and is locked in a cardioid pattern. Sounds very good on acoustic guitars. Has a built in 10dB pad to increase it's dynamic range (to 150dB max) and has a switchable 80Hz bass roll off
Audio Technica AT4050 : A little more expensive than the 4033, but has two large diaphragm capsules allowing a choice of 3 patterns (cardioid, omnidirectional and figure 8).
Cad Equitek E-100 : Great general purpose mics, work great if ordered as a matched pair. Fixed in super cardioid pattern. The pattern is tight enough it works well in bad sounding rooms. Works well on acoustic guitars. This is a single capsule design using the same element as the E-200.
Cad Equitek E-200 : A better sounding mic than a single E-100. Can handle high SPL's (137dB) so it's good for wide dynamic ranges. May be used on amps, but tends to have a pronounced midrange hump that can make it sound boxy. Has a selectable polar pattern and two capsules. Has 16dB of self noise.
AKG C3000 : Can be very brittle sounding, more so than the others, but is still a very useful mic.
Rode NT-1: Inexpensive large diaphragm condenser mic, very comparable to AT4033 or E-100. It's locked in a super cardioid pattern, and has one element.
Rode NT-2: Seems to be more tonally flexible than E-200, more on par with the AT4050. Has two large diaphragm capsules and a 2 way selectable pattern. Unfortunately, this mic tends to vary considerable from unit to unit. Some sound great and some sound awful. Listen closely when you audition them, and A/B a couple if possible. The upper end tends to be brittle, but the bottom end has a very nice sound.
Crown CM-700: Great sounding mic for this price range. Not as grainy in high frequencies. It's a small diaphragm condenser with a cardioid pickup pattern. Works very well on vocals, acoustic guitars, drum overheads.
Neumann KM-84: A very clean sounding mic. These cost around $850 used. They offer a 10 dB pad, and are useful as a drum overhead, or on acoustic guitars. Quite expensive.
Neumann KM-184: Very similar to the KM-84, they've got more headroom, but are a little less friendly. They work great on cymbals, are cheaper than the KM-84, and are a little more durable. These also respond very well to acoustic guitar.
Gefell UMT70S: Very smooth mic. I believe it has M7 capsule (replica I assume), the same capsule used in the respected U47. The mics sound different, but they share a smooth quality. This mic also has a selectable polar pattern.
AKG 414: There are many different models of the 414, but in general, they have a lower output than a 4033, but aren't as bright. The mic also seems to be more transparent in the midrange.
Shure SM-80: Omnidirectional, small diapragm condenser
Shure SM-81: Cardioid version of the SM-80. Has a fairly spitty high end (although still a very useful mic.) Similar to (but not quite as good as) a Crown CM-700. Nonetheless a great mic to use for stereo X-Y recording, especially on acoustic guitars.
Shure BG 4.1: This is a very affordable mic, avalaible for around $150. They are a small diaphragm condenser with a cardioid capsule. I like it a lot for acoustic guitars, some vocals and occasionally electric guitar cabinets.
Langevin CR 3A: An extremely good sounding mic at a fairly reasonable price. They cost around $1000, but can be found used for $750. They're very similar sounding to a Neumann U-67. Full and clear without being too bright.